New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-11
"WEDNESDAY, Aug. 10-r. n.

"WEDNESDAY, Aug. 10-r.M.
- sssk market this morning opened strong with
1eratc buying demand for both home and foreign ac
count II nos particularly active but in It's con-
tnusd advance till up To which time the transac-
tons In the Stock Exchange had aggregated only 96lO0
shares 1t reflection Of the character of the buying
during the last three days which had absorbed the large
quantity Of phantom short stocks which were Sold At
the market hesitated while waiting to hear what
the offers 10 sell bonds q the Treasury and later
receiving of IT, sccrctarys decision on the
900 bonds offered at from ITO to ILL., the market
again rsided and closed fractions lower than
last evening.
The Secretary received offer Of $5,44200o in bonds
OF which 100000 by a Massachusetts savings bank
offered at no. the average OF the remaining offers
was about ITO 1-2a11o SO. At late hour it was
reported that the Secretary rejected all offers except for
the 100000 at TO- which IL per cent above what
the asking price for LIS for week before the Treas
ury announcement to receive bids to-day Until yester-
day there has not been public transaction in IL per
cents at any figure the of the Treas
ury but the bddings had been marked from los "a
10 49, general impression had been created that
the Secretary would purchase bonds the same basis
Of saving to the Treasury he offered to anticipate the
interest duo between and January 1888 But 1t
Is noticeable that the parties who have been Indus
triously engaged In intoxicating the Idea of the per
cent basis today offered to sell nearly S4,000,000 at
10 1491l0 481OO II theate dispachis true, that only
alton Is the development that 100000 LIS are
waiting market and that that amount and twice 1t
could have been purchased two weeks ago at l09 The
Secretary holds the key the position and probably at
10 purchase more bonds than he has surplus to
pay for In the meantime the daily Washington dis
patches TO Wall Street continue to tell Of large accumu
latons In the Treasury Today's Treasury statement
shows that the cash balances the vaults OF the
Treasury OF gold. legatenders and silver dollars and
bullion aggregate exactly $685., $50 more than the bal
ances reported IN the statement OF last Saturday
Tho Government report Of the condition Of the corn
crop on August calls for product Of l,7Oo0Oo000
bushels Deduct from that 80 100000 bushels-a liberal
estnatefor the damage sustained In certain sections
since August l. and the product Is left OF $40 100000
bushels which greater quantity than ever yet was
consumed and exported In any year. But Chicago
did tire of filing Wall Street with damaging reports,
nor OF buling tho extent OF further IL cent
advance the next crop.
The borrowing demand for stocks more urgent to-
day than preceding days and nearly everything
loaned less than the rate for money Yet the
market is narrow and the sentiment OF toardro
tralers is almost universally bearsh" But they find
their short " stocks absorbed and that prices rally
easily the pressure Of phantom stocks Is removed
Some one quietly takes tho stock offered 1t IL not tie
traders and commission houses doing little business
The market closed steady and dull -
Government bonds we're dun and easier. Tho blds
were lower: per for tho "A and cent for the
4i2s. Annexed are tho closing quotations: